18 Mar 2016director officer appointment● NeutralMajor
CEO David Biggs, in the role for three years, resigns effective 15 April 2016. A replacement will be announced in due course. Follows the board overhaul two weeks earlier.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2016director officer appointment● NeutralMajor
At NZOG's (48.1%) request, Grant Worner and Andrew Knight (NZOG's CEO) join the board and chairman Foley, Hazledine and Brown resign, without a shareholder vote. Continues NZOG's growing control of the board; the board says it seeks a 'step change' in company size.
26 Feb 2016half year report▼ Bad
Half-year to December 2015: statutory loss A$21.72m after A$27.77m impairments, including A$25.1m on the 5% Maari interest, against underlying profit of A$6.05m. Production income rose 39.6% to A$26.03m; cash A$29.61m. Auditor flags an emphasis of matter on the Mahakam Hilir acquisition accounting.
4 Feb 2016other● Neutral
NZOG (48.1% holder) release pointing to Cue's Naga Selatan-2 announcement. No new information.
3 Feb 2016drilling result▲ GoodMajor
Naga Selatan-2, Cue's first operated well, found 32° API oil in the 100%-owned Mahakam Hilir PSC. It stopped at 1,170 ft, short of the planned 2,240 ft, due to high pressure, and is suspended for production testing. Commercial volumes remain unproven.
19 Jan 2016drilling result▼ BadMajor
Te Kiri North-1 reached 4,629 m and is being plugged and abandoned. Mt Messenger had shows but low reservoir quality, and the Eocene target came in lower than predicted. It fulfils Cue's remaining permit obligations. Resolves the 20%-interest exploration thread as a disappointment.
19 Jan 2016other● Neutral
NZOG's own release repeating Cue's Te Kiri North-1 update: total depth of 4,626 m and plug and abandon operations begun. No new information beyond the Cue announcement of the same day.
8 Jan 2016drilling spud▲ GoodMajor
Naga Selatan-2 spudded on 7 January 2016 in the Mahakam Hilir PSC, which Cue holds 100% and operates. It is Cue's first operated exploration well, planned to take 15 days to 2,240 ft. This follows the delay from the earlier November 2015 plan.
18 Dec 2015material agreement▼ Bad
The Maari joint venture will upgrade the mooring lines on the Raroa production vessel from February 2016. Cue's share is estimated at NZ$3m (5% interest), with some costs possibly covered by insurance. Cost to Cue is modest, but it adds to Maari spending.
17 Dec 2015drilling spud▲ GoodMajor
Te Kiri North-1 spudded on 16 December 2015 in PEP 51149, onshore Taranaki, with Cue holding 20% and Todd operating. The operator's best-case estimates are 10 mmbbl of oil and ~75 bcf of gas, plus 35 bcf more. About 50 days to reach target depth.
16 Nov 2015drilling scheduled▲ Good
Rig contracted for Naga Selatan-2 in the 100%-owned Mahakam Hilir PSC, with spud planned early January 2016 to 2,240 ft in 15 days. Cue estimates 37.8 mmstb mean prospective oil at 35% chance of success (earlier context cited 25 mmbbl).
7 Oct 2015annual report● Neutral
Re-lodgement of the 2014/15 annual report, now 105 pages and adding a shareholder information section. Content matches the version lodged on 29 September, with the same A$40.05m profit and A$27.6m cash.
29 Sept 2015annual report● Neutral
Full 2014/15 annual report lodged, repeating the previously announced results: net profit A$40.05m, cash A$27.6m, no debt, and 698,119,720 shares. Naga Selatan-2 is still planned for Q4 2015. No new figures.
29 Sept 2015admin correction● Neutral
Appendix 4G, the corporate governance checklist, lodged with the annual report. It says the governance statement is on pages 22-31 and is current at 29 September 2015. Administrative only, with no new business information.
2 Sept 2015investor presentation● Neutral
Good Oil Conference presentation repeating known facts: A$38m FY15 production revenue, A$27m cash, no debt, and the Ironbark farm-out (15 Tcf best estimate, Ironbark-1 well est. US$50-60m). NZOG holds 48.11%, Singapore Petroleum 16.19%. Naga Selatan-2 due Q4 2015.
25 Aug 2015regulatory community update▲ GoodMajor
The regulator approved a 12-month suspension of the WA-359-P Year 3 well commitment, now due by October 2016. Cue estimates its Ironbark prospect holds more than 15 Tcf of unrisked gas (Cue's own estimate). A farm-out has started, and a review of other Carnarvon permits is planned.
17 Aug 2015annual report▲ Good
FY2015 net profit after tax A$40.05m (versus a A$2.17m loss), driven by a A$36.02m non-cash gain on acquiring Mahakam Hilir, partly offset by an A$18.01m Maari impairment. Production revenue was A$37.67m, cash A$27.60m, no debt, no dividend. Naga Selatan-2 is planned to spud in November 2015.
29 July 2015director officer appointment● NeutralMajor
After King and Young were removed, the board elected Paul Foley chairman. Koh Ban Heng, former CEO of Singapore Petroleum Co, joined as a director. The board is now five non-executives, with CEO David Biggs continuing in management.
29 July 2015agm notice▼ BadMajor
At the 29 July extraordinary general meeting, shareholders voted to remove chairman Geoffrey King, director Andrew Young, and any directors appointed since 28 May 2015. All three resolutions passed, with about 341-344 million votes for and 21-25 million against. This resolves NZOG's requisition.
7 July 2015production update▲ GoodMajor
Maari Growth Project completed, with the fourth well, MR10, flowing about 2,000 bopd and lifting field output to about 16,500 bopd. A workover campaign planned from August 2015 aims to reach 20,000 bopd. Cue holds 5%. Completes the programme begun with MR8A.
5 June 2015asset acquisition disposition▲ GoodMajor
Cue is buying an 80% operated stake in the Pine Mills oil field in Texas from Gale Force Petroleum for US$2m cash plus carrying US$1m of costs over four years. It produces about 90 bopd and adds roughly 300,000 barrels of 2P reserves. It is Cue's first operated production and first US asset.
29 May 2015other▼ BadMajor
Cue received a requisition from NZOG for a general meeting to vote on removing chairman Geoffrey King, director Andrew Young, and any directors appointed from 28 May 2015. This escalates NZOG's push for board control after the takeover bid.
22 May 2015production update▲ Good
Maari well MR7A began producing on 18 May at a provisional 1,500-2,000 bopd. Field output is now about 15,000 bopd, with Cue holding 5%. Rig now drilling MR10, continuing the Maari growth programme.
13 Apr 2015director officer appointment● NeutralMajor
After NZOG reached 48.11% in its takeover bid, three of its nominees (Paul Foley, Peter Hazledine, Brian Smith) joined Cue's board on 13 April. Rowena Sylvester resigned, citing other commitments. The board now has six directors, with Geoffrey King still chairman.
27 Mar 2015business combination● Neutral
Cue's fifth supplementary Target's Statement calls NZOG's suggestion that it could cause Cue to seek ASX delisting highly misleading, saying that decision would rest with Cue's board acting for all shareholders. Directors continue to unanimously recommend rejecting the A$0.10 offer, which closes today.
26 Mar 2015business combination▼ Bad
NZOG says it now holds or has acceptances for 45.46% of Cue, all at A$0.10. It says only one other holder has over 5%, and that it may review Cue's ASX listing and seek board seats in proportion to its stake.
26 Mar 2015farm in farm out completion▲ GoodMajor
Indonesian government approval received for Cue's farm-in to the Mahato PSC from Bukit, giving Cue a 12.5% interest. Two wells are planned for 2H 2015, with Cue's share of costs for the wells and seismic capped. This resolves the pending-approval thread.
25 Mar 2015business combination▼ BadMajor
Cue's fourth supplementary Target's Statement says it understands NZOG's rise to 41.55% reflects Zeta accepting with about 12.7%. Todd and Zeta supply about 40 of NZOG's 41.95%, with only 1.95% from others. PetroChina's subsidiary (~16%) has not accepted.
24 Mar 2015production update▲ GoodMajor
Maari growth well MR6A began producing on 21 March at about 7,800 bopd gross, from a 4,577m horizontal well. Field output is about 14,000 bopd, with Cue holding 5%. MR7A is now drilling, continuing the programme begun with MR8A.
23 Mar 2015business combination▼ BadMajor
NZOG says it holds or has acceptances for 41.55% of Cue, all at A$0.10, and urges shareholders to accept. It warns the share price may fall back toward 8.5 cents after the offer ends on 27 March. The stake has jumped from about 27%.